3 ms·

> but he pointed out that this is more of a feature than a bug -- he likened it to buying and selling physical gold as a store of value This is a lot of cope a

> but he pointed out that this is more of a feature than a bug -- he likened it to buying and selling physical gold as a store of value This is a lot of cope and ex post facto justification. "Store of value which can't actually be used for real-world transactions" was absolutely not the rallying cry for Bitcoin for its first many years of existence, and people only pivoted to that when it became undeniable that Bitcoin was not fit for its original intended purpose. If it serves the new purpose well enough, then great, but don't let your friend fool you that everything is going completely according to plan.

throw0101c 3y ago
> This is a lot of cope and ex post facto justification. First sentence of the original paper: > Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. […] * https://bitcoin.org/bitcoin.pdf https://bitcoin.org/bitcoin.pdf
petertodd 3y ago
> and people only pivoted to that when it became undeniable that Bitcoin was not fit for its original intended purpose. These days it is likely(1) that the majority of Bitcoin transactions by number(2) are being done via the layer 2 system Lightning, which does have nearly instant payments and low fees. Transactions via Lightning are not recorded on the blockchain, even though you can easily hold funds in a non-custodial way. I happen to be in El Salvador at the moment, and with the exception of the Chivo Bitcoin ATMs run by the government, every single vendor selling things for Bitcoin has accepted Lightning. 1) It's hard to know for sure, as Lightning transactions have quite good privacy, so it's difficult to get estimates of how many there are in total. But decent lower-bound estimates exist: https://bitcoinmagazine.com/markets/lightning-network-sees-record-adoption-amidst-new-applications https://bitcoinmagazine.com/markets/lightning-network-sees-r... 2) Of course, by value it's very likely that on-chain transactions dominate, as there are lots of very high value, multi-million+, transactions out there.

throw0101c 3y ago

> This is a lot of cope and ex post facto justification. First sentence of the original paper: > Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. […] * https://bitcoin.org/bitcoin.pdf https://bitcoin.org/bitcoin.pdf

petertodd 3y ago

> and people only pivoted to that when it became undeniable that Bitcoin was not fit for its original intended purpose. These days it is likely(1) that the majority of Bitcoin transactions by number(2) are being done via the layer 2 system Lightning, which does have nearly instant payments and low fees. Transactions via Lightning are not recorded on the blockchain, even though you can easily hold funds in a non-custodial way. I happen to be in El Salvador at the moment, and with the exception of the Chivo Bitcoin ATMs run by the government, every single vendor selling things for Bitcoin has accepted Lightning. 1) It's hard to know for sure, as Lightning transactions have quite good privacy, so it's difficult to get estimates of how many there are in total. But decent lower-bound estimates exist: https://bitcoinmagazine.com/markets/lightning-network-sees-record-adoption-amidst-new-applications https://bitcoinmagazine.com/markets/lightning-network-sees-r... 2) Of course, by value it's very likely that on-chain transactions dominate, as there are lots of very high value, multi-million+, transactions out there.